http://MikesDailyMarketReport.com: Overall Manufacturing dipped in May. The Markit Manufacturing PMI dropped from 50.6 to 50.5; whereas, ISM Manufacturing Index dropped from 52.8% to 52.1%. These are the lowest levels we've seen in approximately the past 20 months. Construction Spending was revised from -0.9% to -1.7% in March; and April's numbers were almost identical to the revised numbers in March, so it was flat. Stocks are trading in Mixed Territory. NASDAQ is down because of the Anti Trust concerns with Google. President Trump landed in London today. Tariffs may go up again for Mexico within the next week to two, if there's no progress on the slowdown of illegal border crossings. Also, China sent over their list of demands to the US, whom they blame for the break in talks, which include removing tariffs on some specific goods. The tariff talk coupled with some of the lower macro economic data has led to a deeper Inverted Yield Curve, which concerns Investors, as this has been a precursor to past recessions. MBS is Up 2bps, but Friday, it closed strong, which will lead to better pricing for Mortgage Rates today. Yields continue their slide, per the concerns by investors with the deeper inverted Yield Curve, and are currently at 2.12%.
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